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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION

PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS

Division 27 - Effect of input tax credits etc. on deductions

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History Div 27 inserted by No 176 of 1999.

Subdivision 27-A - General

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History Subdiv 27-A (heading) inserted by No 77 of 2001.

SECTION 27-15  GST payments

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27-15(1)

You cannot deduct under this Act a loss or outgoing consisting of a payment under Division 33 of the ^* GST Act.

27-15(2)

This section does not apply to the payment:

(a) to the extent (if any) that the * net amount to which the payment relates was increased under section 21-5 of the *Wine Tax Act (which allows for such increases to take account of wine equalisation tax); and

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(b) to the extent (if any) that the * net amount was increased under section 13-5 of the *Luxury Car Tax Act (which allows for such increases to take account of luxury car tax); and

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(c) to the extent (if any) that the * net amount was increased under paragraph 13-10(1)(a) of the Luxury Car Tax Act (which allows for such alterations to take account of increasing luxury car tax adjustments under that Act).

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History S 27-15(2) amended by No 73 of 2006, s 3 and Sch 5 items 156 to 158, by substituting " *Wine Tax Act " for " A New Tax System (Wine Equalisation Tax) Act 1999 " in para (a), substituting " *Luxury Car Tax Act " for " A New Tax System (Luxury Car Tax) Act 1999 " in para (b) and substituting " Luxury Car Tax Act " for " A New Tax System (Luxury Car Tax) Act 1999 " in para (c), effective 1 July 2006.

27-15(3)

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This section does not apply to the payment of *assessed GST (under section 33-15 of the ^* GST Act) on a ^* taxable importation that:

(a) was not a ^* creditable importation; or

(b) was ^* partly creditable;

but only to the extent that that payment of assessed GST exceeds the ^* input tax credit (if any) to which you are entitled for that importation.

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History S 27-15(3) amended by No 39 of 2012, s 3 and Sch 1 items 186 and 187, by substituting " the payment of *assessed GST " for " the payment of *GST " and " that payment of assessed GST " for " that payment of GST " , applicable in relation to payments and refunds that relate to tax periods, and fuel tax return periods, starting on or after 1 July 2012; and also in relation to payments and refunds that: (a) do not relate to any tax periods or fuel tax return periods; and (b) relate to liabilities or entitlements that arose on or after 1 July 2012. S 27-15 inserted by No 176 of 1999.